The Economic and Financial Crimes Commission (EFCC) has discontinued its suit seeking the forfeiture of the N20 billion bailout funds granted to the Kogi State Government. The money was meant for the payment of Kogi State workers but was alleged to have been instead domiciled in an interest-yielding account with the bank.
Justice Chukwujekwu Aneke granted the order of discontinuance following an application for a notice of discontinuance filed and argued by the counsel to EFCC, Kemi Pinheiro. Mr Pinheiro listed six grounds upon which the judge granted the application, adding that “the EFCC is a responsible body.”
One of the grounds was that the management of Sterling bank where the account was domiciled had clarified questions resulting in the commencement of the suit and an intention had been shown to return the sum of N19,333,333,333.36 back to the Central Bank of Nigeria.
On August 31st, Justice Tijjani Ringim had granted an ex-parte application brought by the EFCC for an interim forfeiture of the N19, 333, 333, 333.36 billion, said to be warehoused in Sterling Bank account number 0073572696.